Ethereum (ETH) is currently the second largest cryptocurrency by means of market capitalization. It boasts a total market cap of around $16.6 billion, following a recent spike in its value.
The entire cryptocurrency market is currently valued at about $171 billion, which is a shadow of its former self. At its peak, the crypto market in 2017 was worth upwards of $800 billion. However, since then, almost every digital currency has plunged, with most of them recording substantial losses, including Ethereum (ETH).
One of the most important things to do when investing in Ethereum is to look at its price chart. It allows users to identify current, previous, and emerging trends. Additionally, it also provides for identifying existing support and resistance levels.
Being able to correctly read charts allows successful traders to make informed decisions regarding the direction which Ethereum price would take. However, that’s a lot easier said than done, especially given the volatility of the crypto market.
With this said, it’s important to be aware of very significant fundamental and technical factors. It’s also important to constantly monitor Ethereum news because the entire crypto market and prices have historically shown signs of being very reactive.
Ethereum was first described in a whitepaper by popular industry proponent Vitalik Buterin in late 2013 with the vision of building decentralized applications (DApps). Back then, Buterin had argued that Bitcoin needed a scripting language for developing applications, but after failing to reach an agreement, he proposed the development of a new platform – Ethereum.
Ethereum was officially announced in January 2014 at the North American Bitcoin Conference held in Miami.
The initial founders of Ethereum were Vitalik Buterin, Anthony Di Lorio, Charles Hoskinson, Mihai Alisie, and Amir Chetrit. In early 2014, however, Joseph Lubin, Gavin Wood, and Jeffrey Wilke. However, six months after the project was announced in Miami, Buterin told the other founders that it will proceed as a non-profit, at which point Hoskinson left the team.
The development of the platform was founded by a public crowdsale which took place between July and August in 2014, raising a $18.3 million in its initial coin offering (ICO).
Ether (ETH), on the other hand, is the native cryptocurrency of the Ethereum ‘smart contracts’ platform. A smart contract is a computer protocol for verifying and enforcing the negotiation or performance of a contract. Smart contracts enable self-executing transactions without third parties. These transactions are trackable and irreversible.
ETHEREUM PRICE ANALYSIS
Ethereum has had a rough 2018, losing a major chunk of its value. Having peaked at around $1,400 at the end of 2017, the following year saw it drop down to below $100.
In the past few months, however, ETH is seemingly clinging back up in price, as it’s trading at around $175 while remaining the second largest cryptocurrency in terms of market capitalization.
Ethereum price analysis is comprised of the technical factors and historic trends of ETH’s price movement. Technical analysis is a powerful tool in the hands of the experienced trader, allowing him to make more accurate predictions on the price’s future movements, to identify trend reversals, and so forth.